WorkSpan Survey: Only 11% of Marketers Spend Their Budget Effectively

99 out of 100 marketing executives say it would be valuable to have a better handle on joint budgets when marketing with partners—46 percent say it would be “extremely valuable”

That’s the key takeaway this week from WorkSpan, a Business Network for marketing with partners, that has just announced the results of a new survey that looked at the tools marketing executives use to track campaigns and how effectively their marketing budgets are being used and how they measure the success of campaigns.

The survey was conducted online within the United States by Propeller Insights on behalf of WorkSpan November 7-13, 2017, among 100 marketing executives—44 percent VPs of marketing, 32 percent CMOs and 24 percent SVPs of marketing. The results were weighted to the U.S. census for age, gender, region and income.

The top three concerns of American marketing executives are digital marketing (87 percent), product marketing (80 percent) and partner marketing (67 percent)—although 83 percent of senior level marketers aren’t using a partner management tool.

VPs, SVPs and CMOs unanimously agree that marketing with partners has benefits, prime among them:

  • Increased lead generation — 58 percent
  • Access to new potential customers — 50 percent
  • New market segments — 50 percent
  • Access to partner audiences and brand power — 48 percent
  • Stronger media outreach & better social media content — 47 percent each

“Companies need to engage with thriving ecosystems of partners to make themselves strategic and valuable for their ecosystem, but this creates many potential complications and inefficiencies,” said Mayank Bawa, CEO and founder of WorkSpan. “We created WorkSpan to make joint marketing with partners accountable, innovative and impactful at scale—and to create unparalleled visibility throughout the process, making their campaigns more effective and helping them to put every cent of their marketing budgets to good use.”